Blockchain, cryptocurrency, NFTs—what is it all? It all starts with distributed ledger.1 The distributed ledger is a virtual ledger (in common parlance, a record) that is shared across a network of computers. A copy of the ledger is on every computer across the network. Each block in a distributed ledger contains data that must be…
Tag: Securities Law
The Investment Modernization Act of 2016, Part 2 of 2
Policy Considerations And Potential Business Impact Perhaps the two most relevant provisions of the Investment Modernization Act of 2016 are the changes to restrictions on advertising in sections 2(b)(1)-(2), and the reduction in reporting requirements on the Form PF for many investment advisers in section 3(a).1 The bill passed the House on September 9, 2016.2…
The Uncertain Future of the “Accredited Investor” Definition
Introduction: what is an “accredited investor” and why does it matter? Under the Securities Act of 1933 (the “Act”), the issuer of any securities offering must follow the strict registration and disclosure requirements of the Securities & Exchange Commission (the “SEC”), unless such offering is subject to an exemption.1 One such exemption applies to offerings…
In SEC’s Whistleblower Program, Will Confidentiality Prove Counterproductive?
Early last month, in a heavily censored report, the U.S. Securities and Exchange Commission (SEC) publicly announced an award of roughly half a million dollars to [redacted], who reported original information about [redacted] that occurred at [redacted] over the course of [redacted].1 Needless to say, the entire case remains shrouded in mystery. Moreover, this announcement came just months…